Home Prices and Inventory are on the Rise

By | June 28, 2016

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Median-home-prices-riseThe Realtor Association of Sarasota and Manatee reports that the housing data for May reveals that inventory numbers are rising along with the mercury for the Sarasota and Manatee two-county area, likely the result of sellers taking advantage of rising prices. For single family homes in Sarasota County, inventory is up 15.3 percent from May last year, and up 20.2 percent in Manatee County. Condo inventory is also on the rise in Sarasota County, up 33 percent, while Manatee County experienced a 17.4 percent increase year-over year.

The continued decline in the number of distressed property sales (foreclosures and short sales) really shows the recovery and health of our market. In May, only 5.1 percent of closed sales were distressed, compared to 15.8 percent for the same month last year, fast approaching the historic average of about 2 percent. Distressed sales for single family homes in the two-county area represented only 5.9 percent, and distressed condo sales were only 3.5 percent. At their peak a few years ago, 48 percent of all sales were distressed.

To view the full press release and statistical charts visit Realtor Association of Sarasota and Manatee


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